The latest development overnight is the is the arrest of Chinese phone maker Huawei CFO in Canada at the request of U.S. authorities related to U.S. sanctions on Iran. This is overshadowing the apparent words of truce between the U.S. and China. Crude oil prices are under pressure this morning as skepticism rises about OPEC’s ability to reach a consensus on a production cut as their meeting begins today. As of this writing, U.S crude oil futures (/CL) are 2.7% lower near $51.40 per barrel and S&P 500 futures (/ES) are 1.6% lower near 2657.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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